19 Jul, 2025
Foreign Asset Disclosure in ITR: What Indian Taxpayers Must Know If you’re a resident Indian with overseas stocks, bank accounts, or income, foreign asset disclosure in ITR is not optional — it’s a legal obligation. With increasing global data-sharing under FATCA and CRS, the Income Tax Department is closely monitoring offshore holdings. This blog simplifies […]
Read More19 Jul, 2025
GST ITC Fraud in Hyderabad: What the ₹6.25 Cr Scam Reveals A recent GST ITC fraud in Hyderabad has once again put the spotlight on how fraudsters exploit systemic loopholes to siphon off public money. In this case, the Telangana Commercial Taxes Department unearthed a fake billing racket run under the name “Bala Corporation”, a […]
Read More18 Jul, 2025
100% Tax Exemption Under Section 80P: What ITAT’s Ruling Means for Co-operative Societies If your co-operative society claims full deduction under Section 80P, can income tax still apply due to technical disallowances? The Ahmedabad ITAT recently clarified — no. The entire income remains tax-exempt, even if certain expense claims are disallowed. Let’s break down what […]
Read More18 Jul, 2025
ELSS Mutual Funds and New Tax Regime: What’s Changed? Equity-Linked Savings Scheme (ELSS) mutual funds were once a favourite tax-saving tool under Section 80C of the Income Tax Act. But with the new tax regime becoming the default from FY 2025-26, ELSS has lost its primary advantage—tax deduction up to ₹1.5 lakh. And it shows. […]
Read More18 Jul, 2025
ITR Refund Scam: How False Deductions Are Triggering Income Tax Raids The ITR refund scam uncovered by the Income Tax Department in July 2025 has sent shockwaves across India’s salaried and consulting circles. The focus? Chartered accountants and middlemen promising inflated tax refunds by faking deductions under HRA, Section 80C, and other heads. With 150+ […]
Read More18 Jul, 2025
NRI tax case win ITAT ruling protects foreign funds from Section 69 A recent Income Tax Appellate Tribunal (ITAT) decision from Mumbai has offered big relief to NRIs dealing with property investments in India. The tribunal quashed a ₹69 lakh tax demand against a Dubai-based engineer by holding that funds remitted during his valid NRI […]
Read More18 Jul, 2025
Section 80M Dividend Deduction: Relief for Indian Companies The reinstatement of Section 80M dividend deduction in the revised Income Tax Bill, 2025 brings a major relief to corporate India. The move addresses a key concern—double taxation on inter-corporate dividends—that arose after the section was removed under the 22% corporate tax regime introduced in FY 2019–20. […]
Read More18 Jul, 2025
GST on UPI Turnover: What Small Traders Must Know In July 2025, GST notices targeting UPI turnover above ₹40 lakh have triggered panic among small traders, especially in Karnataka. The confusion? Most believe digital payments like UPI don’t attract GST. But GST isn’t on UPI—it’s on business turnover, regardless of how the payment is received. […]
Read More18 Jul, 2025
India’s healthcare sector is at a turning point. With tax incentives for health startups and medical tourism on the rise, India is poised to become a global medical hub. A recent study by FHRAI and KPMG projects India’s medical tourism industry to grow from $18.2 billion in 2025 to $58.2 billion by 2035, backed by […]
Read More18 Jul, 2025
GST penalty notices: A bitter pill for small traders GST penalty notices issued to thousands of bakeries and small traders across Karnataka have triggered massive protests. Many of these businesses—some valued under ₹10 lakh—are being slapped with notices demanding up to ₹39 lakh. The mismatch between actual business scale and penalty amounts has brought GST […]
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